Insider trading prohibition bars use of material non public information and manipulative devices in securities dealings. Section 12A prohibits using or employing any manipulative or deceptive device, any device, scheme or artifice to defraud, or any act, practice or course of business that operates as fraud or deceit in connection with issue, purchase or sale of securities listed or proposed to be listed. It also forbids insider trading, dealing in securities while possessing or communicating material non public information contrary to the Act and bars acquisition of control or securities beyond regulated equity thresholds in contravention of regulations.